Societe Generale strengthens its leadership in Africa and accelerates its growth
During a press visit to Abidjan, Societe Generale provided details of its strategy in Africa, which aims to speed up the Group’s growth on the continent as described in the Group strategic plan for the period until the end of 2016.
The development plan draws on the region's strong potential for growth and for banking penetration, and on major commercial and operational synergies between the Group's core businesses.
Strong historical presence and a continent-wide network
Present on the continent for over 100 years, the Group has developed a deep local expertise and a solid experience in supporting its business and personal clients. With this historical presence and geographic network, Societe Generale is one of the Top 3 international banks in Africa today. The bank is very strongly positioned: No. 1 bank in Ivory Coast and Cameroon, No. 1 privately-owned bank in Algeria and No. 2 bank in Guinea and Senegal. More than half of Societe Generale's subsidiaries have a market share of more than 10%. This increases to more than 20% in Cameroon, Guinea, Senegal and Côte d'Ivoire.
"Africa offers a lot of growth opportunities and we aim to speed up our development in the years to come by leveraging on the strengths of our universal banking model, while also taking advantage of synergies to serve our business and individual customers and help them meet their goals on the continent."
Bernardo Sanchez Incera, Deputy Chief Executive Officer
Societe Generale generated NBI of €1.1 billion in 2014 and aims to accelerate its revenue growth to approximately 7% per year by 2016. To achieve this target, the bank will allocate nearly €4 billion of additional assets (RWA) to Africa over the period 2014-2016.
Strengthening the Group’s leadership to serve its clients
Loans to businesses have increased significantly since 2006, rising by 115% in the Mediterranean basin and by 56% in Sub-Saharan Africa. Societe Generale intends to maintain this momentum by enhancing its range of products and services for the corporate market.
"We have built a solid, dynamic and efficient franchise and managed our risks well. This profitable, controlled growth strategy means our support for our clients meets the highest international standards. By following this trajectory, Societe Generale intends to strengthen its leadership and establish itself in Africa as the bank of reference for its clients and employees."
Alexandre Maymat, Head of the Africa/Asia/Mediterranean Basin and Overseas region, International Banking and Financial Services